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Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

2 Responses to “JP Morgan’s Soaring Profits”

1. Through the Looking Glass Says:
   October 14th, 2009 at 2:46 pm

   We live in a world where you don’t even have to cook the books, someone tells you the projection for cooked books looks good and the stock goes up! Wall street Chefs of cooked books are always marinating a new batch of books to cook based on old recipes created in a private club right Dylan?
   Remember when a steak was made of real beef not bullshit?

2. clawback Says:
   October 14th, 2009 at 11:35 pm

   How could this be due to “panic”? Paulson and Bernanke “knew” they were going to need a HUGE bailout from Congress — by *early* 2008. Neal Kashkari let the cat out of the bag on the Charlie Rose show a few months back. It was posted right here on The Big Picture. I remember (yep, I watched that one, Window Washer). Kashkari said they knew they were going to need a bailout, but they had to wait until there was enough fear in the air to convince Congress that the problem was serious.

   That’s one of the biggest myths of this whole story — that no one at Treasury knew. But they did know. Now, maybe Paulson is just incompetent and still manged to “panic,” but it wasn’t because he was surprised by what was going on. Ratigan is right — and BR agrees — there was still no reason whatsoever to give such easy terms to the failed institutions.